Shares of QuantumScape (NYSE:QS) stock are in the spotlight, as the solid-state battery (SSB) company has confirmed that it will report its third-quarter earnings next week on Oct. 25 after the market close. Afterwards, the company’s co-founder and CEO, Chief Financial Officer and President will hold a conference call to discuss the quarter. Shareholders are eligible to submit questions to the company with a deadline of Oct. 24.
QuantumScape has remained quiet about any of its major developments during the quarter. In August, the company announced that it had closed a 37.5 million share underwritten public offering worth $300 million. The underwriters were granted a 30-day option to acquire up to an additional 5.62 million shares at the public offering price and accounting for the underwriting discount.
“The offering price to the public for the Shares was $8.00 per share, and the Underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $7.72 per share,” said QuantumScape in a filing. Today, QS stock trades at around $6 per share.
QS Stock: QuantumScape to Report Earnings on Oct. 25
During the third quarter, QuantumScape also appointed Dr. Siva Sivaram to the newly created role of President. Sivaram most recently served as the President of Western Digital (NASDAQ:WDC). Sivaram’s experience also includes helping ship millions of technological products that have generated billions of dollars in revenue. At QuantumScape, he will help oversee the long-awaited transition from research and development to production.
For the third quarter, analysts forecast revenue of $0 and an adjusted EPS loss of 33 cents. This isn’t surprising, given that the company has yet to release a product to the public. Revenue for the fourth quarter is also expected to be $0, while adjusted EPS is forecast to be a loss of 36 cents. However, 2024 could be an interesting year for QuantumScape.
During Q1 2024, QuantumScape is expected to generate its first-ever revenue of $3 million. In fact, analysts have forecast $3 million of revenue for each quarter of 2024. Still, that doesn’t translate to profitability, as the company is expected to report negative GAAP EPS for all four quarters of next year.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
